This large three bedroom single family home is located on a nice street in Forest Hills close to the shores of Lake Erie and is only a four minute drive from Glenville High School, it is just a few minutes walk to Lakeshore Blvd and just one mile from the famous Lake Shore Club in Bratenahl. The property has 3 bedrooms, a full basement and a large rear garden. The property is currently being completely refurbished and made rental ready The work will be complete in the next 2-3 weeks. The management company will be placing brand new Section 8 tenants when the new owner closes on the property paying $850 in rent each month. The rent is paid direct to the landlord via the US Government.
Forest Hills is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines and bike trails. Bratenahl is one of the most exclusive residential areas in Cleveland where properties can sell in the Millions.
• Three bedrooms.
• One Bathroom.
• 1,040 sqft built.
• 2,408 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 45,900
Gross annual rental income: $10,200
Property running costs: $1,820 (Tax, insurance and management costs)
Net annual rental income: $8,380
Investment calculation - Net Income divided by Purchase price = NET ROI.